Learn from Failure
Failure is an inevitable fact of life. In my opinion, previous generations and even mine have not embraced this fact well enough. Experience teaches us that failure is a natural phenomenon and we must accept it as we journey through life.
The good thing is that this reality is better embraced by many entrepreneurs today. If you’ve been around startups in recent times or listened to stories of startups around the world, you’ve probably heard the phrase “fail fast”, “fail often” or “fail early.” Though it’s not really the type of advice you would expect to hear from your father, teacher or mentor, there’s some wisdom in it.
While it is a natural tendency for humans to avoid pain and failure, the main idea of the Fail Fast philosophy tells us that the earlier we encounter failure, the earlier we learn to accept it and move forward. Experts also say the philosophy helps us to avoid the sunk cost effect, which is the likelihood of continuous investment of time and resources in a venture that clearly isn’t working. Failing fast emphasizes that the knowledge gained from a failed attempt actually increases the likelihood of eventual success.
A series of events that aptly convey to us how to deal with failure is the boxing contest between the UK-based Nigerian champion, Anthony Joshua (also known as AJ) and Andy Ruiz. The whole world was shocked when Andy defeated AJ by knock out. No one expected it. It was a huge dent on the brilliant career of 30-year-old, the first loss in his 23-fight career. However, like a true champion, Joshua requested for a re-match and hit the gym immediately. The rematch came and he beat Andy Ruiz in a 12 round bout that commentators have tagged “a classic boxing master-class”. By that victory AJ reclaimed his belts, making him a two time Unified heavyweight champion of the world.
You see friend, a value-adding life is one that takes lessons from failures and uses them to his/her own advantage. Taking a closer look at Anthony Joshua’s story, we can observe 3 ways to handle failure.
- Be Quick to Acknowledge It
When you make a mistake and fail, don’t make excuses or play the blame game, be quick to accept it. When you try to ignore it or justify the obvious, you rob yourself the opportunity and time to make it right. In fact, the longer it takes to admit the setback, the more you lose the ability to stage a good comeback. AJ wasted no time to accept his defeat and did not blame other factors for his loss. Facing a setback? Take it a step further, document the failure, this will help you think through the situation and find a solution with a clear head.
- Learn from The Failure
Malcolm Forbes said; “Failure is success if we learn from it.” With the right attitude, you can draw lessons and inspiration from a failed attempt. By knowing the things you didn’t do right and understanding them, you position yourself to do better next time. The words of Mickey Rooney that “You always pass failure on your way to success” come alive when you learn through the process.
- Don’t Be Scared to Try Again
Former British Prime Minister, Sir Winston Churchill said: “Success is not final; failure is not fatal: it is the courage to continue that counts.” Imagine Anthony Joshua, listening to what the world said about his loss to Ruiz in the first bout,decided to let go of the option of a rematch. He would have lost the chance to claim back his title. If you want to live a value-adding life, you must summon the courage to apply the lessons learnt and try again!
Let me leave you with these words by Napoleon Hill, he said; “Most great people have achieved their greatest success just one step beyond their greatest failure.” Did you fail in your last attempt? Take that next step beyond it and seize your chance to victory.
Remember, You Have Only One Life to Live, Make It Right!
